Plenty of opportunities for buying a house in Canberra
Anyone in the market for buying a house in Canberra at the moment may find there are plenty of bargains on offer, as there is an oversupply of property.
This is according to latest research from BIS Shrapnel and PKF accountants, which showed that population growth has been outstripped by the capital's building boom.
The population in the Australian Capital Territory (ACT) has been rising steadily by around two per cent over recent years, above that national rate of 1.4 per cent.
Meanwhile, there was a significant increase in construction levels due to activity in the private sector over the past two years, Fairfax Media sources revealed.
"This boom and strong growth in public sector employment underpinned solid increases in employment growth in 2010, which in turn fuelled solid growth in household spending in 2011," stated the report.
Financial details recently emerged for a light rail project in the ACT, with initial estimates suggesting it will cost between $700 million and $860 million.
Minister for the environment and sustainable development Simon Corbell was keen to point out, however, that the figures are early cost estimates that need further analysis before being finalised.